纵横研报
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#Food delivery

02Reports
3690.HK logo
·互联网平台 ·内部研究

Meituan: A High-Quality Franchise With Temporarily Broken Earnings

Meituan is China's largest local-services platform, monetizing food delivery, in-store and hotel services, and instant retail, with 2025 revenue of RMB364.9 billion. A subsidy war with Alibaba and JD flipped Core Local Commerce from RMB52.4 billion of 2024 operating profit into a loss and pushed the group to a RMB23.4 billion net loss in 2025, even as platform GTV and transaction volume kept growing. Rating Hold: the franchise stays high-quality and the balance sheet strong, but at HK$68.50 the shares lack a clear margin-of-safety cushion until Core Local Commerce proves post-war profitability can stick.

3690.HK Meituan #Local services#Food delivery#Instant retail#Subsidy war#Platform economics
Hold
JD.US logo
·互联网平台 ·内部研究

JD.com: A Stronger Retail Core Discounted for the Cost of Transition

JD.com is China's largest self-operated online retailer, built on a supply-chain-first model spanning first-party retail, marketplace services, logistics, health and industrial procurement. Its retail core is strengthening, with JD Retail operating margin up to 5.6% in Q1 2026 and net service revenue growing 20.6% against just 1.0% product growth, yet group profit and cash conversion are obscured by heavy food-delivery and overseas investment, while listed-subsidiary stakes worth about US$17.7 billion anchor a sum-of-the-parts case. Rating Cautious Buy: the market discounts the cost of transition more than it credits a stronger retail core, large buybacks and visible listed stakes.

JD.US JD.com, Inc. #Self-operated retail#Supply-chain logistics#Food delivery#Sum-of-the-parts#Shareholder returns#China ADR
Cautious Buy